We are now four-for-four (five-for-five if we include the drastic downward revisions in the Chicago PMI) for regional Fed business outlooks taking a serious (and consistent) turn for the worse. Kansas Fed manufacturing just missed expectations turning negative once again. Amid the sub-indices (which were broadly weak) was a plunge in employment as it fell to August 2009 levels. This weakness in Kansas follows Richmond's quadruple dip, Empire State's weakness, and Philly's major miss and in aggregate suggests a very weak ISM to come. Of course, all of this flies in the face of today's US PMI which beat expectations and pushed to recent highs.

Kansas City Fed Employment Subindex...

and combined with the other real-time surveys points to considerable weakness to come in ISM...

+ SP500 = 1500 -- What chu complainin 'bout?+ Bad News -- There is no such thing as "bad news."+ AAPL -- Old News -- BTFD+ AMZN's PE=3,583 (that's four digits) -- Its different this time.+ Unemployment -- Who cares? We have credit cards.+ Debt Ceiling -- I'll gladly pay you Tuesday for a Kahuna-Burger today"+ Sandy Storm -- Puts people to work to clean up the mess.+ China vs. Japan -- What's a little argument between long time "friends?"+ N. Korea -- Nuclear waste? -- Puts people to work...

+ and...

+ and...

Bottom line is that we have an unlimited amount of paper and ink with which to print "promissory notes."

What's that? Sorry, I was thinking old school. We have an endless amount of 1's & 0's to add to the accounts of the primary dealers.

I'm more bearish than ever. Acceleration in velocity is a force of physics to be reckoned with, and as that applies to the actual economy, the most reliable data demonstrates macro degradation is occurring at the fastest pace since 2008.

As an OT aside (I don't know where else to put this, sorry), Frontline's Martin Smith, who reported on the Lanny Breurer/DoJ inaction on bringing forth prosecution of Wall Street/Banking entities, has tweeted that the Department of Justice has essentially blacklisted him & told him they would no longer cooperate with Frontline because of his, and I quote (his words), "hit piece:"

Where's the top? Overbought and at highs not seen since 2007, and aggregate average value / time equal to highest DJIA ever! Somehow the market is still clinging, where's the dip??? Bring it!

Yes sir, huge bubble in process. When this one pops, it'll be messy like a busted Stay-Puft Marshmallow Man. Buy the dip, never short. Watch the big guys because they will be poppin' parachutes before the next crash. 5-10 year cycle, been five already.

Correct. Gravity has been suspended by decree. Good luck with that and hedge accordingly because when the supply lines break and the real producers of essential goods and services can no longer provide those goods and services the brown-shirted TSA agents will be coming to force them to do so. Now where in the history of the world have we seen this before? Hhhmmmm...

Not trying to put a very subtle point across here my friends, but this could be the time that we could reflectively sort this dire situation out. We could end this cyclical, perpetuating nonsense out once and for all, and stop any unforseen problems to de-rail our forward march into eternal prosperity.